What is Crypto Currency Eco System:
#BTC last chance, May be?
BTC Update : SCALP ONLY!!!!! wait for the trade!
1- Crosses can have a delayed reaction
2- The Price action needs to be higher for a golden cross
3- The Price action needs to be lower for a death cross
4- Cross on the 12hr in 5hrs
Hello dear members, I hope you are enjoying the beginning of the week! I would like to say few words about BTC on larber view again.
Last week closed at 6701. Let's assume that I am bullish on BTC. Would this close keep my bullishness alive? Well, yes and no but more yes and here are you why.
My first conditions for being bullish or at least not beaing berish is closing above 6443 and it did happen. My 2nd and 3rd conditions were to close above 6767 and 6817 which didnt happen. We closed close to these price levels but not above them.
It is the beginning of the new week and we have this week to close above these levels which is not impossible. But the red line is also one of the important factors. It is EMA 50 and we can see that it acted like area of interest everytime on previous tests. It is currently around 7100. My team members has a lot of strong resistances that are going bewteen 7050 and 7150 so this area is going to be very hard to break. But as we are now at 6700 we have $300-400 more space to grow. So, I think this weeks has solid chance to see test of 7k area. Are we going to cross it? I do not know, time will show but we have solid chances and that's a fact.
From the beginning of this year we had a lot of sell offs and in this last downtrend that is alive last 6-8 weeks we had at least 3 major sell offs. In my personal opinion it was enough for now. Most of market cycles analysts saying that 3 sellofs per downtrend and enough to expect at least short-term pullback. One of my favorite theories, Eliot Wave tehory is confirming this thesis too.
So, this was good close in my opinon but not the close that will turn me extremelly bullish. So, we have this week that will in my opinion try to cross 7100 and we will see test at least of top bb (6950) but that is all I can tell you now. We are overall still in downtrend and thats why I think bears are still in control. As lond as we are below midbb on weekly time frame I can be bullish in long term view. But of course that I am bullish on BTC in overall and I do believe that BTC will reach big things but it wont come overnight. So we need time. I can see that we have less fear now at 6k than we had at 9k and that is very positive. It is one of the most important factors. Once the fear is out, buyers will be back.
Also, most of analysts are calling 3k as a bottom. I do not think it will happen just because of their opinon because most of them are copying each other and calling the same things. Is 3k is their bottom, people will start buying heavy on 4-5k. When I say people I mean smart and wise investors. The crowd will never buy the bottom. The crowd will start buying again at 10k because they will be worried of missing out.
Is the bottom reached? Maybe but probably not. Before I was saying that is not reached but now there is chance that it is reached because 5.5k is 75% from ATH so in case of some big news about crypto maybe the. bottom is reached. This is more for those that are curious. Bitcoin at 4k would be big trouble because it will take months and months until 10k and more. I am focused mostly on short-term trading but I had to check long-term view in order to stay safe. If long term is showing bearish and short term bullish I cant be bullish because of bearish larger view. I hope you got the point!
So, chances are growing but do not forget that we are still in downtrend and one big bad news can push us back to 6k area.
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